Above: Grenada (CJ Photo)

By the Caribbean Journal staff

The International Monetary Fund’s Executive Board has completed its first review of Grenada’s performance under a three-year programme supported by an Extended Credit Facility.

The review’s completion means Grenada will now receive a disbursement of $2.9 million.

“The Grenadian authorities are implementing their Fund-supported economic program with great resolution,” said Min Zhu, deputy managing director and acting chair of the IMF’s Executive Board. “Fiscal consolidation is underway, structural reforms are advancing, and negotiations with creditors on public debt restructuring are progressing.”

That disbursement will bring the total amount of funding available to Grenada so far under the arrangement to $5.9 million.

“While the economy is showing signs of recovery, it remains subject to significant risks,” the deputy managing director said. “Continued strong commitment to the program, supported by all stakeholders, will be critical to boost Grenada’s growth prospects.”

The ECF with the IMF was first approved in June 2014, with a total of approximately $21.7 million.

That represents 120 percent of Grenada’s quota at the IMF.